During the first half of 2021, the trading volume of Ethereum increased by more than 1,400% to a total of $1.4 trillion, while the trading volume of Bitcoin increased by 489%, to a total of $2.1 trillion.
Ethereum outperforms Bitcoin for the first time:
Coinbase took data from 20 trading venues and released a report, stating that Ethereum trading volume increased by 1,461% during the first six months of 2021.
Total volume rose to $1.4 trillion compared to $92 billion in the first half of 2020.
Meanwhile, Bitcoin recorded a 489% increase, with a trading volume of $2.1 trillion.
Coinbase reported the following:
Many of our largest institutional clients, including hedge funds, endowments, and corporations, first increased or added exposure to ETH in the first half of 2021, believing the asset to have the long-term staying power of Bitcoin.
The report also revealed the total figures of the total market value of the crypto market for the first half of 2021, stating that at the beginning of the year, the crypto market started at $769 billion and rose to $2.4 trillion in May.
After that, it fell to $1.4 trillion by the end of the period.
The bulk of bitcoin’s profits came during the first months of 2021 through April, when the bitcoin price soared toward a record high.
Conversely, Ethereum made its maximum profit in May 2021, when it was worth more than $4,000.
Could Ethereum Become the Biggest Cryptocurrency?
The debate over the ability of Ethereum to overtake Bitcoin and become the leading digital currency has been a hot topic in the past few years.
At the beginning of May, Dallas Mavericks billionaire Mark Cuban joined the argument and offered his three reasons why Ethereum would eventually outperform Bitcoin, detailing:
The Ethereum network is able to process more transactions per second, which is the platform that holds the “future of finance”, and it also has higher use cases compared to Bitcoin.
Prominent investor Mike Novogratz also gave his opinion on the matter.
Novogratz hinted that such a scenario in which Ethereum outperforms Bitcoin is possible because the network behind the second largest cryptocurrency is expanding rapidly.
However, he clarified the characteristics of a digital asset that Bitcoin is expected to become the digital version of gold while Ethereum will have different purposes, and added:
I believe that Ethereum may become the largest cryptocurrency someday, but it will have a completely different use case than Bitcoin.